Robinhood Crypto (RHC) agreed to pay a $30 million fine to the New York State Department of Financial Services (NYDFS) for “significant failures” in its Bank Secrecy Act/anti-money laundering (BSA/AML) and cybersecurity compliance programs.
The NYDFS announced Tuesday that over several years, Robinhood’s BSA/AML program was inadequately staffed; failed to transition from a manual transaction monitoring system unfit for the firm’s size, customer profiles, and transaction volumes; and did not devote sufficient resources to addressing risks unique to the company.
